7 FY19 Statistics that Show Where the Beverage Alcohol Industry is Headed

Sovos
October 3, 2019

ShipCompliant by Sovos recently closed the books on our fiscal year, and we’re looking back on the accomplishments of our clients, partners and industry. Since we entered the market, ShipCompliant by Sovos has helped customers pay more than half a billion dollars in tax to states through 1.8 million sales and excise tax reports. Now, we see opportunities for these businesses continuing to grow — right alongside growing compliance challenges.  

Check out these numbers for insight into where the beverage alcohol industry is headed regarding direct-to-consumer shipping, evolving regulations, partnerships and reporting processes. 

Tackling compliance complexities 

In FY19, our customers tracked, automated, organized and simplified compliance processes so they could focus on other aspects of their business, like growing their DtC footprint or getting licensed in new states. To help them get there, our team: 

  • Filed more than 350,000 reports nationwide, mitigating errors, late fees and penalties for our customers. 
  • Submitted over 115,000 registrations, saving customers enormous time and allowing them to expand to new states more quickly.
  • Ensured compliance of 20 million direct-to-consumer wine shipments through real-time compliance verification at the point of sale.

Driving success through strategic partnerships

Partnerships are a key pillar of the beverage alcohol industry. To further help customers we expanded our industry partnership network and continued to work with and improve our integrations. To deliver seamless experiences, we:

  • Collaborated with more than 50 partners, our ecosystem of technology partnerships, enabling powerful complementary solutions to customers.
    • Offered 40 order management system integrations and 25 fulfillment house integrations and order portals.
  • Worked with nine states to make online submissions available via our Product Online Registration (PRO) solution, cutting down the submission and approval process for registering products in these states from weeks to days or even hours.

Staying on top of new requirements, regulations and industry trends

With more education and insight into industry trends, evolving regulations and common best practices, the beverage alcohol industry will continue to prosper and grow. We share as much information as we can to help businesses of all sizes industry wide. In the latest fiscal year we:

  • Shared more than 70 blogs on a variety of topics of concern to our customers across the wine, beer, and spirits industries. Including…
    • Key benchmark and analytical reports, including the Direct-to-Consumer Wine Shipping Report.
    • Advice on navigating the TTB and COLA applications for new labels.
    • The latest legislation news, court rulings and tax rules that could affect the industry and our customers.
    • Updates on industry and ShipCompliant hosted events like the GCS Wine Summit
    • New solution and partnership options, like the Carrier Compliance Portal (CCP) for more easily providing crucial DtC permit information to carriers, initially launched with FedEx as well as additional delivery options through partner integrations with our Hold-at-Location (HAL) service. 
  • Hosted 11 webinars, covering topics such as:

Sometimes it’s important to take a step back and look at what has been accomplished in order to understand what’s to come in the future. We look forward to seeing what is accomplished in the next fiscal year with our customers, partnerships and industry. As always, we welcome feedback from clients and partners. 

 

Request a demo of ShipCompliant today. 

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Author

Sovos

Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern transactional taxes. As VAT and sales and use tax go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports more than 7,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit www.sovos.com and follow us on LinkedIn and Twitter.
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